KARACHI: Barrick Mining Corp remains committed to its Reko Diq copper mine in Pakistan, one of the world’s largest undeveloped deposits of the metal, its interim CEO said on Tuesday after reports of a possible withdrawal.

The USD7 billion project in the remote, insurgency-hit western province of Balochistan is held in an equal partnership between the company and the Pakistani authorities and is expected to start production by the end of 2028. Barrick’s board had raised the possibility of splitting the company’s assets, which could include an outright sale of the Reko Diq mine and the company’s African assets, Reuters reported this month, citing sources familiar with the company’s thinking.

“Barrick remains committed to the Reko Diq project and to Pakistan,” Mark Hill told Reuters.

SECURITY, SCALE, STAKE Balochistan suffers frequent attacks by separatists and jihadists, making security a major concern for the mine. The project also requires a railway line upgrade to transport copper concentrate to Karachi for processing abroad.

Lenders including the International Finance Corporation and the Asian Development Bank among others are assembling a financing package exceeding USD2.6 billion. The Reko Diq project added 13 million ounces to Barrick’s gold reserves in 2024 and is expected to produce 200,000 metric tons of copper a year in its first phase, doubling after expansion, with projected free cash flow of more than USD70 billion over 37 years.—Reuters